Timing is crucial when it comes to buying a piece of property. It doesn’t mean you need to buy right away when you browse real estate listings in Ottawa. Some take a couple of months or even a year before they find the right match for them. Others are stuck in a limbo, especially if they’re not sure if it’s the best time for them to make such a major purchase.
If you’re still in the planning phase, one of the most important things you have to learn is timing.
Reports show that Ottawa is a hot market right now. A lot of people want to get in the market before the prices skyrocket. The upturn of the trends is very promising and easily spells a good investment. But the question still remains, is it a good idea to buy right now?
If you have the budget and you’re just really waiting for the right time, the following factors might help you decide:
If there’s even a good chance that you’ll be moving away in the near future, it might be better to hold off buying a property.
While Ottawa is hailed as the best place to live in Canada in 2017, there can still be a chance that you’ll need to move out from this beautiful city. So if you think you’ll be relocating somewhere else in the future, it might not be the best idea to purchase a property right now. Sure, you can always sell, but that will require a lot more effort than just packing up and leaving. So if you don’t want the hassle, you might want to reconsider this decision.
On paper, you might just be able to afford a house. But in reality, your lifestyle might just take a big hit if you chose to take a leap. Do not opt to be house rich and cash poor just to become a homeowner because that will prevent you from enjoying your purchase. Stick with what the experts recommend when it comes to financing such a major purchase.
Some people are lucky enough to get free housing with their job, business, or a family member. These offer excellent ways to free up money that you can use for something else. Instead of a house, though, you might want to consider investing it in other moneymaking ventures. This way, you can still make your money grow without wasting the free housing that’s available to you.
If renting will be cheaper than buying where you’re currently based, it might be wiser to hold off from buying at the moment.
In some areas, renting is cheaper than making payments for a property. This shouldn’t be surprising since properties for rent are actually intended for those who can’t afford a house yet. However, others who can already afford a house still opt to rent just because it’s cheaper.
For renters, the only thing they’re obligated to pay for is the rent. Homeowners, on the other hand, will need to pay the mortgage, maintenance of the property, taxes, insurance, and a whole lot of other add-ons. While a lot of people can afford the mortgage, they might not have much left for these other expenses.
So before you decide to get a house, crunch your numbers first. If you won’t have much else left for the upkeep of the property, maybe it’s best to hold off from buying at the moment.
In the event that none of these apply to you, there’s a good chance that it’s well worth it for you to start looking at real estate listings. Your new home might just be waiting for you.